Kuwait-based personal finance application Spare has secured open banking authorisation from the Central Bank of Bahrain.
The licence will allow Spare to operate as an open banking ancillary service provider in the Kingdom of Bahrain.
Spare plans to launch its operation in the country in the second quarter of 2022.
The application will be integrated into all the major banks in Bahrain and allow users to connect to multiple bank accounts, track balances, monitor spending, set budgets, and make payments.
Open banking is said to give customers a wider range of choices and more control over their financial data.
It gives them access to financial services and products that are not available in the Middle East region.
Spare’s analysis suggests that open banking in the region could reach up to $1.25bn by 2025.
Spare CEO and co-founder Dalal Alrayes said: “With Spare, we are elevating the way people manage their money and providing hyper-personalized experiences, all powered through secure connections to their banking information.
“With Bahrain being the first country in the MENA region to adopt the open banking framework, we are grateful to be able to contribute to the ecosystem and offer this solution. This is in line with our mission to provide a seamless money management experience for everyone to stay on top of their financial lives.”
The fintech, which aims to expand across the MENA region, is also in the process of expanding in other markets where open banking is adopted.
In August 2021, fintech ecosystem finleap and independent open banking platform finleap connect joined forces with Baharain-based Batelco.